You are invited to participate in a First Time Home Buying Seminar developed for young professionals in Rochester considering purchasing a house. Come and learn about Rochester Real Estate Market and its recent trends, pluses and minuses. Take fear out of the idea of buying your first home by knowing When and How to start, what steps are involved in the process and what mortgage programs are available to you.

As an agent working frequently with buyers, I can’t stress enough the importance of sitting down with a loan officer before attempting to look at houses. If you start house-hunting in the price range you can’t afford, the downward adjustment can be rather brutal.
Sometimes I hear terms pre-approved and pre-qualified being used interchangeably; there is, however, a big difference between the two. In most basic terms, being pre-qualified is absolutely useless. Let’s say you walk in at an Open House and ask me if I think you can afford this house. The only thing I could do at that moment is to ask how much you earn per month and how are your monthly debts. Based on a simple math, I can tell you if you can afford this mortgage payment. And, boom, you are pre-qualified! However, nothing was verified and based on buyer’s words only.
During a pre-approval appointment, there are several elements that are taken into consideration to determine what amount of mortgage you could qualify for: debt-to-income ratio, credit scores, and financial assets. The loan officer will pull your credit report and discuss if there are any issues that may come up and advise on the best way to resolve them. At the end of the appointment, you should have a clear idea of what loan program or programs that fit you best and what will be your approximate monthly payment and funds needed at the closing. At that point, you should also be issued a letter of pre-approval that will be used to make an offer. Could you make an offer without a letter of pre-approval? Sure, but chances are it won’t be taken as seriously and in multiple offer scenarios, most likely you would lose out.
There is a logical sequence of steps that one should take to ensure a successful and painless transaction and one of the most crucial steps is to lay down a financial foundation and eliminate the doubt and confusion as to where you stand. The future belongs to those who prepare for it, as Ralph Waldo Emerson said. So, a few moments of preparation may save you a lot of headaches and heartaches.

As usual, if you have any questions or topics you would like to see covered, please e-mail opodzorov@nothnagle.com

The Rochester's Young Professionals blog is the place to look for the latest updates on the young professionals scene in Rochester, from career advice to networking events.

Contributors

Kate McGowan is a former Rochester television news reporter now working in the non-profit sector for the nation’s leading children’s charity, Make-A-Wish. She is passionate about inspiring young professionals to use their talents in becoming more actively involved in their communities. Follow her on Twitter at @KateMcGowan

Toni Lynn Arena: I am a digital media specialist by day and a fitness loving, animal activist by night. When I'm not working on self-improvement inside and out, I work with other philanthropists to build awareness within the young professional community and help make a difference.

Andrea Raethka earned a bachelor's in History, Sociology and Women's Studies from the College of Brockport. She is a mother of three young children and is always up for exploring new places for kiddie play dates. She enjoys good food, local shopping and keeping up to date on news, politics and public school issues. Find Andrea on Twitter: @Mango1531.

Ashley Dewey is an internet marketing blogger from Victor who shares thoughts about life and pets.

Audrey Burns is a reader, writer and full-time nostalgist who writes about cultural and social issues in Rochester.

Cynthia Pacia shares thoughts about giving and living in the Rochester area.

Eastman Young Professionals share the latest happenings at George Eastman House.

Habitat for Humanity Young Professionals share life and non-profit experiences, and their journey within Rochester’s changing landscape.

Jason Schwingle is a native of Rochester. He shares his thoughts and ideas on bringing young professionals back to Rochester and to downtown.

Jenna Kempie is the Social Media Chair for the Rochester Young Professionals, and is contributing posts on RYP activities and other helpful insights for young professionals in the community. Jenna enjoys getting out and exploring the area, and talking to people about their Rochester experiences, print and technology - on and offline. Follow Jenna on Twitter: @JennaKempie

Jennifer Galvez Caton is an active arts volunteer who shares her passion and perspective on theater, film, dance and music with young professionals in the Rochester area.

Jerome Nathaniel is a 2011 graduate of the University of Rochester, where he was an executive editor for the Campus Times and a service fellow with the Gandhi Institute for Nonviolence. Now, the Brooklyn native has returned to Rochester as an Americorp Vista at Foodlink, where he's serving as a hunger advocate.

Kayleigh Nutting is a non-profit professional that came to Rochester for college and never left. She is a graduate student and works full time planning special events and fundraising. Follow her as she writes about kicking back, giving back and appreciating the Flower City.

Kristine Caronna, a young professional blogger from Greece, shares her thoughts and updates.

Leah Shearer is a young professional and two-time cancer survivor from Rochester. She shares her unique perspective on all things - the serious, the silly and everything in between.

Luticha Doucette is a student researcher, activist and humanist who sees the world from a seated position. She chronicles life as a disable person seeking a PhD. position in biophysics at Yale or John Hopkins universities, and beyond.

Maria Thomas is the chair of RocCity Coalition, who is passionate about education and the needs of city youth. She writes about various opportunities for young professionals to get involved in the community.

Olga Podzorov is an agent with Nothnagle Realtors. She is a community activist and passionate philanthropist who is committed to working with young professionals. She covers a variety of real estate issues.

Ruth Harper-Rhode, a St. Bonaventure University graduate, does public relations for a local nonprofit. She moved to Rochester from a small city in 2011 and lived on Park Ave before moving to Penfield, where she currently resides.

Terra Keller sends updates from the staff at Foodlink, a popular regional food bank.

Stefanie Schwingle is a Rochester native and has worked at Wegmans Corporation for the past 10 years, but her interests lie in entrepreneurship and communication and her passions include urban living, photography, and cooking. Stefanie lives downtown with her husband and loves everyday life in the city.

Taren Greenidge earned her B.A. in Economics and Political Science, cum laude, in 2007 from Spelman College and her J.D. from Duke University School of Law in 2010. She is an associate at Littler Mendelson, P.C, a U.S.-based international law firm exclusively devoted to representing management in every aspect of labor and employment law. Taren is the president of the Black Young Professionals of Rochester, an auxiliary of the Urban League of Rochester, N.Y., Inc., which targets individuals ages 21 through 40 to foster growth and professional development, to empower members to achieve success and to strive to improve the community.